On 13 June 2017, the New Development Bank signed a Memorandum of Understanding with export credit insurance agencies of Brazil, Russia, India, China and South Africa — Brazilian Guarantees Agency (Agência Brasileira Gestora de Fundos Garantidores e Garantias S.A., ABGF), Russian Agency for Export Credit and Investment Insurance (EXIAR), Indian ECGC Ltd., China Export & Credit Insurance Corporation (SINOSURE), Export Credit Insurance Corporation of South Africa Ltd. (ECIC). On behalf of the NDB, the MoU was signed by Mr. Xian Zhu, NDB Vice President, Chief Operations Officer.
According to the MoU, its purpose is to develop and facilitate cooperation between the NDB and the BRICS export credit insurance agencies (ECAs) in matters of common interest and set out areas for strategic, technical and operational cooperation towards the achievement of their common objectives.
The Memorandum provides a framework for cooperation of the parties in the areas of exploring and pursuing opportunities for guarantees and insurances of the NDB financed and co-financed projects; sharing experience and knowledge in the area of financial assistance for the preparation and implementation of sustainable development and infrastructure projects; experience and knowledge sharing in economics, banking, financing, investment, risk evaluation and insurance; providing mutual training and capacity building for human resource management.
The NDB and ECAs confirm their willingness to originate and implement projects in BRICS countries on a cooperation basis involving the Bank’s financing and insurance and/or guarantee coverage from the BRICS ECAs.